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Insurance industry in Africa - statistics & facts

The insurance industry in Africa represents less than one percent of insured catastrophe losses worldwide, although it’s home to almost 17 percent of the global population. However, despite the low levels of insurance uptake, there continues to be increased interest and focus from major international brokers, insurers and reinsurers. In 2017, the value of insurance premiums in Africa amounted to almost 45 billion U.S. dollars.

Low insurance uptake in Africa can be attributed to the low income levels. In 2015, South Africa dominated the non-life insurance industry in Africa, while Morocco was responsible for 23 percent of the life insurance market on the continent.

Major Western insurance firms have more recently begun to especially pay attention to the increasingly attractive sub-Saharan African insurance industry. From 2014 to 2018, Zambia, Nigeria, Ghana, and Uganda recorded some of the highest growth rates within the insurance industry in Sub-Saharan Africa.

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